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Blue Collar Wealth

Presented by Stone House®

Blue Collar Wealth

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115. Income Planning for Single Retirees

In this episode of Blue Collar Wealth presented by Stone House®, join Bob Brown, CFP®, as he discusses the unique retirement planning variables for single retirees. Whether you’re single by choice, recently divorced, or have lost the love of your life, we’ll explore strategies to build a strong financial foundation tailored to your needs. 

Single retirees may face many challenges, such as the lack of a second income source, the absence of shared expenses, and the emotional aspects of riding solo. Financially, not having a partner to contribute to the household income or share in the costs of living can create significant strain, making it harder to maintain the same standard of living or save for future needs. This financial challenge is compounded by the emotional experience of navigating retirement alone. The journey can be filled with feelings of loneliness and isolation, particularly for those who didn’t choose this path and are adjusting to a new way of life without a partner. These combined financial and emotional hurdles can make retirement planning more daunting for single individuals. 

Creating a Financial Plan 

There’s no secret formula that drastically sets it apart from planning as a couple. Your financial plan will likely consist of similar foundational elements as anyone else’s. However, there are certain nuances unique to single retirees that you should be aware of: 

  1. Emergency Fund 
  2. Investment Diversification 
  3. Healthcare Planning 
  4. Debt Management 
  5. Pension Considerations   
  6. Estate Planning and Legacy 

Remember, it’s all about paying attention to the details that matter most to you. 

At Stone House, we specialize in helping our clients build financial security and that priceless peace of mind that allows for greater happiness in retirement. Request an appointment with a Stone House Advisor to get started. 

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Blue Collar Wealth Presented by Stone House® Video Archive

New episodes are released every Wednesday!

Blue Collar Wealth Presented by Stone House® Video Archive

Disclosure: Some Episodes May Contain Unpaid Client & Non-Client Testimonials

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